Brexit Tips for Small Businesses
Brexit is coming, whether we like it or not. And as a business-owner, not only are you worrying about your personal life changes, but the biggest impacts that are going to happen to your business and day-to-day operations.
As it’s all still up in the air, and from what we can see at this moment in time, will continue to be so for the forseen future, we believe the best thing that SME’s and business-owners can do it get clued up on what aspects of Brexit will hit your business the hardest, and how you can understand, navigate and implement any necessary changes that need to be made before the ominous B-Day.
Make Your Tax Digital
With the new government legislation stating that all businesses must file their VAT returns online and store their records digitally from April 2020, now is a smart time to get your processes down and digitised.
This won’t be a headache-free process, so it is best if you talk to your financial advisor or current accountant to get their insight and industry tips. If you don’t already have a business accountant, feel free to give the team here a call to see how we can help your business move into the new year.
Get Your Flow Right
Your financial flow throughout your business needs to be managed and maintained throughout any kind of change over or shift in operations when Brexit happens. And even now, you may be thinking of taking a look at the ebb and flow of money through your business, whether you want to look at improving invoice collection, asset management, investments or even improving your business forecasting for the months ahead.
Getting on top of this now, and implementing new and improved modes of operating and processes will only make you stronger in the coming months, and may even help you to find new and more efficient ways to bring in more revenue from your target audience.
Are You Qualified?
If you, your team or the services you provide require some form of accreditation then it is key that you make sure these are recognised for work within the UK, the EEA (European Economic Area) and Switzerland. Accreditations can often be the key clinching point when securing new clients, and so in order to keep the status-quo as balanced as possible in the event of Brexit, this is a simple check box to get ticked.
Check Your Funding
Are you lucky enough to receive any funding from the EU for your business? Many UK SME’s and bodies do, and this is probably an alarming reality that you may in fact lose this funding after Brexit. The British government has said that businesses currently receiving this EU funding will continue to do so over the company’s duration, if they’ve been accepted into EU-funded programs up till 2020, though this doesn’t cover money from UK funds sent to the EU.
This, of course depends on whether your funding is covered by this promise, so it is worthwhile checking the UK GOV website, and finding out sooner rather than later!
Brexit shouldn’t spell doom for your business, and getting a headstart on any process changes is the smartest way forward.
Naail & Co are here to offer you advice throughout this period, so don’t hesitate to contact us with your queries.